Automatic stock quotation board



March 28, 1939. c. SMITH 2,151,994

} AUTOMATIC STOCK QUOTATION BOARD Filed 001:. 10, 1929 ll Sheets-Sheet 1 FIG. I

35A 239 INVENTOR 9A 24% CLYDE SMITH 40A 24 BY ATTORNEY March 28, 1939. c. SMITH 2,151,994

AUTOMATIC STOCK QUOTATION BOARD Filed Oct. 10, 1929 11 Sheets-Sheet 2 FIG. 2

IOIAK 202 INVENTIOR cums SMITH Tim-W ATTORNEY March 28, 1939. SMITH 2,151,994

' AUTOMATIC STOCK QUOTATION BOARD Filed Oct; 10, 1929 11 Sheets-Sheet 3 FIG. 3

INVENTOR CLYDE SMITH dim ATTORNEY March 28, 1939. c. SMITH 2,151,994

AUTOMATIC STOCK QUOTATION BOARD Filed Oct. 10, ,1929 ll Sheets-Sheet 4 FIG. 4

INVENTdR cum: SMITH gmww ATTORNEY March 28, 1939. QSMITH 9 2,151,994

AUTOMATIC STOCK QUOTATION BOARD Filed Oct, 10, 1929 11 Sheets-Sheet-S FIG. 5

omom'omocn U 6 327 INVENTOR CLYDE SMITH BY 348E ATTORNEY March 28, 1939. r c. SMITH 235 994 I AUTOMATIC STOCK QUOTATION BOARD Filed Oct. 10, 1929 11 Sheets-Sheet 6 FIG. 6 p sou- INVENTOR CLYDE SMITH 348/ ATTORNEY March 28, 1939; c s rr 2,151,994

AUTOMATIC STOCK QUOTATION BOARD Filed Oct. 10, 1929 11 Sheets-Sheet 7 FIG. 7

P 00... p .5000... p .060. p mow. P5

'0. O 0 O O.

9| INVENTQR CLYDE SMITH ATTORNEY March 28, 1939. c. SMITH 2,151,994

AUTOMATIC STOCK QUOTATION BOARD Filed Oct. 10, 1929 ll Sheets-Sheet B FIG. 8

INVENTOR CLYDE SMITH ATTORNEY March 28, 1939.

c. SMITH AUTOMATIC STOCK QUOTATION BOARD 11 Sheets-Sheet ll Filed Oct. 10, 1929 FIG.

F|G.| F|G.2 F|G.3 FIG. 4 FIG. lo

mas FIG. 6 FIG. 7 FIG. 8 FIG 9 INVENTOR CLYDE SMITH ATTORNEY Patented Mar. 28, 1939 T E S UN HT FATE OFFICE AUTOMATIC STOCK QUOTATION BOARD poration of Delaware Application October 10, 1929, Serial No. 398,634

1'? Claims.

The present invention relates to an automatic stock quotation board system with means for registering stock designations, the quantity of shares sold and the prices of the previous close, open, high, low and last quotations of the stock selected.

In carrying out the invention, it is proposed to register substantially on the same lines as the ticker now prints, namely for registering a series of sales as: AX-l5-116 -l0-% A;, where AX represents the stock designation of the stock selected, represents the quantity of shares sold in hundreds, 116% the full price if, say, it be the first sale of the day, followed by a series of sales indicating the sale of a block of 1000 shares at or 116%, and other sales at 116 116 and 116 With the present system, the stock will be selected once, the full price sent once, and the following sales of the same stock will register quantity and such part of the price as may be significant, i. e., if the hundreds, tens, units remain unchanged, the fraction only need be changed, if the fraction is changed from the preceding quotation. If the price remains unchanged, the quantity only need be sent, even though the quantity be the same as the last sale and consequently involving only the operation of parts of the system, increasing the output of the system, and

' resulting in saving time and apparatus movement. While the system provides for selection of stock, shelf, quantity and price, the full range of selection need not always be made.

For purposes of illustration, only four code discs, of the conventional form as well understood in the art, are used for registering and selecting stocks. This selection is brought about by the use of one set of code discs to select fifteen stocks. With four code discs 16 possible selections may be had. Preferably, one position is made inactive. However, the system employs two sets of code discs, each for the selection of fifteen stocks. Utilizing both sets of discs, 225 selections may be had for double letter selection in addition to 30 selections for single letter stocks, making a total of 255 possible selections.

With the use of five discs in each set of stock selecting registers, the range of selection may be increased to 1023, if one inactive position is provided. Employing five discs, 32 combinations are possible. One position being inactive, 961 double letter combinations are possible, which, in addition to the 62 selections for single letter stocks, makes atotal of 1023 possible selections. With this method of selecting, the time of transmission is materially reduced.

The invention is designed to be operated by a standard telegraph typewriter transmitter for selecting 30 or 62 stocks, depending upon the number of registering code discs employed having a single letter designation, and 255 or 1023 stocks with two letter designations, although, of course, the embodiment of the invention described herein isnot to be limited to this precise number.

An object of the invention resides in the method and means whereby the stock and shelf, quantity and price group relays may be selectively nominated for selecting certain control relays, which in turn determine which of the several groups of recording relays will be utilized and held in circuit for taking up the code record from a line relay and for transmitting the record in its received or translated form to the stock selector registers and dial operating circuits.

In recording a sale as AX-999-236%, three nominating operations are necessary, one for nominating the stock and shelf group relay, one for nominating the quantity group relay, and one nominating operation for the price group relay. In the example chosen, AX is a double letter stock, thus two stock-selecting operations are needed, one to select letter A of the odd register, and another selection for X in the even column of registers. For registering the quantity 99,900 shares, three selections are required, one selection for the nine ten thousands, one for the nine thousand and one for the nine hunderds. The system is designed to register the quantity sales in hundreds. Quantities less than 100 shares will not be registered.

Four selections are needed to register the full price at 236 that is, one selection of the two hundreds, one for the three tens, one for the six units, and lastly, one for the three quarters of the fractions, if this be the first quotation of the day.

Once the price is registered, only the changing portions of the price would be subsequently sent, quantities, however, being always sent in the series of sales.

The expression AX is a double letter stock designation and may refer to any well known stock, as for example, International Telephone and Telegraph Corporation.

Quantity of shares need not always be registered, as in times of big markets, as is now done with the ticker, thus eliminating the operating time of the quantity group relay and associated control, transfer and recording relays which are prevented from being placed in circuit to actuate the quantity control dial circuits to control the quantity drive shaft code disc circuits.

Another object of the invention is in the provision of novel means for employing the hundreds and tens price relays for registering quantities, and the units and fraction price relays for registering the price, where the price is in one integer and a fraction and the quantity is to be indicated in quantities from to 9900 shares.

The invention provides a novel guard circuit beginning at the stock selectors and extending to the shelf, quantity and price selectors. Where only a stock and price selection is involved in a quotation, the shelf and quantities are omitted, and the price control relays are held guarded against operation until the stock selection is completed. Following this selection, the price relays become operative, so that each control relay in each group and each group of control relays will be operated in their proper sequence.

Where a stock, quantity and price selection is involved in a quotation, and the shelf is omitted, the quantity and price relays are held guarded against operation until the stock, quantity and price selection is completed. However, the quantity and price relays become operative after the complete selection for stock, quantity and price has been made, so that each control relay selected in each group and each group of control relays selected will operate in their proper sequence.

In addition to the above objects, the guard circuit also serves to energize the last of the series of guard relays, and hold locked the recording relays, if energized, the guard circuit preventing the operation of a change over relay, if any of the control relays in the quantity group is energized; the guard circuit, from group to group of the control relays, also serves to insure the proper sequence between the groups of the various relays on the selecting operation.

Another object of the invention is to restrain the operation of the disc operating coils, or magnets for setting the stock registers, quantity and price drive shafts to predetermined positions until the operating pulse has been received in the recording relays.

Another object of the invention resides in the provision of means for automatically setting groups of switches to predetermined positions corresponding to the numerical order selected, and in the provision of means for transferring the switching circuits for either single or double letter stock selection.

The invention comprehends the utilization of automatic means for restoring the quantity dials to blank, following the operation of dial actuating shafts together, with means for zero setting code discs of the stock registering selectors preparatory to resetting the code discs for registering predetermined stock designations.

Broadly, the invention includes time controlled means for transmitting a preliminary electrical impulse to energize a series of group relays, and a subsidiary group of relays comprising a pair of polar relays for nominating a particular group relay in the series, in addition to a receiving distributor, electrically associated with groups in pairs of control relays having a common group relay of the series and a column of recording relays controllable by a transfer relay which is responsive to the release of a relay of a pair of control relays to operate disc setting coils of the stock selector registers and dial operating circuits and drive shaft code disc coils.

Other objects and advantages will be disclosed as the description herein proceeds and it is obvious that modifications may be made in the embodiment of the automatic system set forth without departing from the invention, as claimed.

In the accompanying drawings there is shown, for purposes of illustration only, the preferred schematic arrangement of the present invention, showing a layout of a system for recording stock designations in single or double letters, the quantity of shares sold, and the price of the stock selected, it being understood that the drawings show, by way of example, one only of the many possible embodiments of the invention wherein,

Figures 1 to 10 inclusive show schematically the complete system, but illustrate four stock dial groups only, and reading from left to right, the upper portion of the system includes,

Figure 1 as a fragmentary portion of the system showing the receiving distributor, the timer, the nominating and subsidiary relays, and portions of the circuits for the group, control and recording relays, and the stock selector registers.

Figure 2 is a portion of the system showing the control relays and associated guard relays for stock and shelf selection, and groups of recording relays, each provided with a transfer relay. This view also shows the wipe out relays and the slow relay associated with the zero setting circuits of the stock register selectors.

Figure 3 is a part of the system showing the group relay for the stock and shelf control relays and the group relay for the quantity control relays and associated guard relays, and groups of recording relays cooperating with a transfer relay associated with the control relays, in addition to the change over relay and portions of the various circuits associated with all these relays, mentioned, and,

Figure 4 shows a part of the system illustrat ing the group relay for price selection, and the associated, control, guard, transfer and recording relays and portions of the circuits of the system associated with these relays.

Reading from left to right, the lower portion of the system comprises four Views of which,

Figure 5 shows the odd and even stock selector registers and associated circuits, in addition to the shift relays and circuits for single or double letter stock selection.

Figure 6 is also a fragmentary view of the system showing portions of the various circuits, and also the switching group for single letter odd stock selection.

Figure '7 is a fragmentary view of the switching system for single letter even stock selection and for double letter stock selection.

Figure 8 shows a portion of the system including the price and quantity drive dial code disc shafts and a shift relay having a plurality of contacts for transferring price circuits to register quantities.

Figure 9 is a fragmentary View of the code disc drive dial shafts and the branch shafts on which the various groups of dial units are mounted.

Figure 10 is a schematic view of four dial groups comprising two stocks for single letter selection and two dial groups for double letter stock selection.

Figure 11 is a diagrammatic view of the arrangement of the views, comprising the system above described briefly.

A general description of the system will first be given. In Fig. 1 is disclosed a receiving distributor A controlled by a sending distributor (not shown) at a master station (likewise not shaft 328, and shaft 323.

shown). Associated with the distributor A are cams l2 and 30, nominating relays l5 and I8, and subsidiary relays 43-46, and H13. Referring to Figs. 2, 3 and 4, price group relay ml is adapted to be initially energized over conductor MIA by the action of cam 30 and to be locked over conductor 32A, which is controlled by the nominating relays and predetermined subsidiary relays; quantity group relay 4'! and shelf group relay 2? are adapted to be initially energized over conductor 32, after price group relay Hll has been operated, by the action of cam 30, and to be looked over conductors I09 and 262 which are closed by the operation of predetermined subsidiary relays. Associated with the price group relay ml are price control relays HIS-"H2 and ?2l--'l24; associated with the quantity group relay 4! are quantity control relays 535l; and associated with combined stock and shelf group relays 2'5 are stock control relays 23, 24, 28, 29, and shelf control relays 5! and 52. The control relays associated with any group relay are placed under control of distributor A when the associated group relay is operated. Locking circuits, as between relays 28 and 24, relays 54 and 55, etc., and their guard relays, as 14, l1 and 2 l3, are provided for placing only one pair of control relays, as 23 and 28, under control of distributor A at a time, and subsequently placing the remaining operated control relays under control of the distributor, pair by pair, in a predetermined sequence.

Associated with the control relays are groups of relays, as K, KI, L, MM2 and N--N3. Each group, as K, is associated with a pair of control relays, as 23 and 28, and contains a transfer relay, as 69, and four recording relays, as EFF-40. The function of the transfer relays, as 69, is to place the four recording relays, as 31'40, under control of distributor A when one of a pair of control relays, as 23, is released and the other, as 28, is operated. The recording relays in the several groups, as K, Kl etc., when placed under control of distributor A by the operation of the associated transfer relay, are adapted to be selectively operated over conductors I9, 29, 2! and 22 in accordance with impulses transmitted from the master station. It is to be notedthat the locking circuits and guard relays mentioned above permit only one group of recording relays, as K, to be selectively operated at a time, and the several groups of recording relays are operated in a definite sequence. 7

In Fig. 5 are illustrated stock selectors O and OI in Figs. 6 and 7 stock selector switches PP5; in Fig. 10 groups of indicators for displaying quotations on stocks Q-Q3; and in'Figs. 8 and 9 a system of shafting for positioning these indicators.

I The stock selector is driven by a shaft 3l8, which is in turn driven through shaft 321 and friction clutch 528 (Fig. 8) by a continuously operable motor 9 Hi. This motor also serves to drive stock selector OI through friction clutch 359,

Each of the stock selector switches is provided with a plurality of wipers, mounted on a common shaft, which are adapted to move over associated contact banks. The common shaft 356 of switch P and the common shaft 34'! of switch Pl are adapted tobe driven by shaft 321, which also drives shaft 3E8 of stock selector 0. The common shafts ill I, 9l5, Sit

and 9|? of switches P2, P3, P and P5, respectively, are adapted to be driven by shaft 348, which also drives shaft 323 of stock selector 0|.

The stock selector 0 is adapted to be operated over conductors 38A, 39A, etc., by the recording relays of group K, to permit the shaft 321 to be driven to a predetermined position and then stopped by the freeing of friction clutch 328. Shafts 346 and 341, on which the wipers of switches P and P! are mounted, are thus moved to a predetermined position and the wipers of these switches are brought to rest on predetermined contacts. A relay SIB, associated with stock selector 0, is operated whenever O is operated and serves to connect circuits as 334, 4| 2, M3, etc. to switch P. The operating magnets, as l--H, associated with the indicators of a predetermined stock, as Q, are thus placed under control of the recording relays in the groups L, M-M2, N-N3.

Similarly, the stock selector OI is adapted to be operated over conductors 240, 2M, etc. by the recording relays of group Kl, to permit shaft 348 to be driven to a predetermined position and then stopped by freeing the friction clutch 350. Shafts 9H, Sid-9H, on which the wipers of switches P2-P5 are respectively mounted, are thus moved to a predetermined position and the wipers of these switches brought to rest on predetermined contacts. A relay 3l3, associated with stock selector OI, is operated whenever OI is operated and serves to connect circuits, as 334, M2, M3, etc., to switch P2. The operating magnets, as l2-22, associated with the indicators of a predetermined stock, as Ql, are thus placed under control of the recording relays in groups L, MM2 and N-N3.

When both stock selectors O and OI are operated, neither relay 3H1 no-r M3 is energized, and the circuits, as 334, 4| 2, M3, etc. are connected to switch Pl. Switch Pl serves to extend these circuits through one of the switches, as P3-P5, to the operating magnets, as 23-33, associated with the indicators of a predetermined stock, as Q2, and to place these operating magnets under control of the groups of recording relays L, MM2 and N--N3.

Referring to Fig. 8, the shafts lll501 are each provided with code selectors R-R6 respectively. Code selector B, when variably operated by the recording relays of group M, is adapted to permit the shaft 5%)! to be moved to a predetermined position and then stopped by the freeing of the friction clutch 526; code selector RI, when variably operated by the recording relays of group MI, is adapted to permit the shaft 502 to be moved to a predetermined point and then stopped by the freeing of the friction clutch 529. Similarly, the other code selectors R2-R6, when variably operated by the recording relays of groups M2 and N!N3, permit the shafts 5fi3501 to be moved to predetermined points by freeing the friction clutches 5l0, 510, etc.

It is thus evident that the shafts 5fl85il8F, etc., driven by shafts 5EIl-501, can be set to any predetermined position. t was indicated above that the operating magnets, as I-I I, associated with the indicators of a predetermined stock, as Q, might be placed under control of the recording relays of groups L, M1 i2 and NN3. When the recording relays in these groups are selectively operated by the distributor A, predetermined operating magnets are energized and the indicators, as 500, Hill, 902, etc., associated with the operated magnets, are set to a position in accordance with the position of the shaft whereon they are mounted.

In Fig. 8 a relay 52! is shown for causing the recording relays of group N, which ordinarily control the operation of code disc R3 associated with shaft 564, to control the operation of code disc RI associated with shaft 592; and for causing the recording relays of group NI, which ordinarily control the operation of code disc R4 associated with shaft 595, to control the operation of code disc R2 associated with shaft 553. Also in Fig. 3 a relay 99 is illustrated for connecting the conductors I42 and E65, controlled respectively by the recording relays of groups N and NI, to the conductors 295 and 422, ordinarily controlled by the recording relays of groups MI and M2, respectively. The last mentioned conductors, when extended by the stock selector switches, as PI, P2, P3, etc., serve to control operating magnets, as B and 5, associated with indicators, as 945 and 904, which are mounted on shafts, as 558A and 50813, driven by shafts 502 and 503 respectively. These shafts are positioned by the recording relays in groups N and NI respectively, when relay 52f is operated.

A more detailed description of the structure covered by the present invention will now be given. In Fig. 1 is disclosed a receiving distributor A controlled over the line circuit 8ID by a sending distributor at a master station (not shown). The distributor A, which is provided with an outer ring having segments I8 and an inner ring having segments 804 and 885, is mounted on a shaft II, driven by the usual motor (not shown) in synchronism with the sending distributor. Also mounted on shaft II is a brush 850, which when rotated is adapted to form a connection between the outer and the inner rings. Of the two inner ring segments, 805 corresponds in length to segments 2 and 3 of the outer ring and segment 804 is equal in length to the remaining segments 4-8 inclusive. A magnet 882, provided with a latch L serves to release the brush 35!] for rotation and to stop its rotation at the end of a revolution. A line circuit 8H), connected to the master station, extends in series through the winding of a neutral relay 806 and the windings of a polar relay 801. The neutral relay 885, when energized, serves to connect ground to the segment 854 of the inner ring, while the polar relay 351, when energized, serves to connect either positive or negative potential to the segment 805 of the inner ring.

Likewise mounted on shaft I I are timing cams I2 and 39. Cam I2 is provided with a reentrant portion I6, while co-operating with the cam is a grounded follower i5A, which moves between two contacts I3 and I4. When shaft II is in its normal position, the follower I5A is positioned in the reentrant portion I5 of the cam I2, and, consequently, as it then rests against contact I4, applies ground to conductor 62. When, however, shaft II moves from its normal position, the follower I5A rests on the periphery of cam I2, thus closing contact I3 and grounding conductor 65. The effect of grounding conductors 68 and 62 will be explained later. Cam 30 is provided with a reentrant portion which extends over of the circumference of the cam. Co-operating with the cam is a follower IHIB which controls contacts 3! and NH. During the first three-eighths of a revolution of shaft II, the follower IGI is in the reentrant portion of the cam 30, and during this period contacts IOI and 3! are closed, Iili grounding conductor IIlIA and BI placing the ground connection on conductor 32 under control of relay I03; while for the remainder of the revolution of shaft II, the follower IOIB rides on the periphery of cam 30, opening these contacts. The effect of grounding these conductors will be mentioned later.

Associated with segments 2 and 3 of the outer ring on distributor A are polar nominating relays I5 and I8, respectively. These relays are designed, in a manner well known in the art, so that when tie-energized, their armatures remain on the contact to which they were last moved. When relay I5 is energized by positive potential, its armature is moved against contact I6, and when energized by negative potential, it is moved against contact H. In a similar manner, the armature of relay I8 is moved against contact 4I when energized by positive potential, and against contact 42 when energized by negative potential.

Controlled by the polar nominating relays I5 and I8 are the subsidiary relays 43, 44, 45, 46 and IE3. Relays 43 and 45 are energized when polar relay I5 closes its contacts I5 and I! respectively. Relays 44 and 46 are energized when polar relay I8 closes its contacts 4| and 42 respectively. The operation of relays 44 and 45 serves to energize relay I03, which prevents cam 35 from grounding conductor 32 and also serves to ground conductor 32A. The operation of relays 43 and 46 serves to ground conductor 202. The operation of relays 45 and 46 serves to ground conductor I09. The operation of relays 43 and 44 serves to ground conductor I02. The effect of grounding the conductors mentioned will be explained hereinafter.

Referring to Figs. 3, 4 and 5, relay 21 is a combined stock and shelf group relay, relay 4'I is a quantity, and relay 'IOI is a price group relay. Associated with the combined stock and shelf group relay 21 are single letter odd stock control relays 23 and-28, single letter even stock control relays 24 and 29, and shelf control relays 5I and 52. Associated with single letter odd control relays 23 and 28 is a group of relays K, comprising a transfer relay 69 and four recording relays 37, 38, 39 and 40. Similarly, group of relays KI, comprising transfer relay 234 and four recording relays "IS-82, is associated with single letter even control relays 24 and 29; group of relays L, comprising a transfer relay 245 and four recording relays 23423'I, is associated with shelf control relays 5! and 52; while groups of relays M, MI, M2, N, NI, N2 and N3, each likewise comprising a transfer relay and four recording relays, are associated, respectively, with ten thousands quantity control relays 53 and 54, thousands quantity control relays 55 and 56, hundreds quantity control relays 51 and 58, hundreds price control relays I09 and 'I2I, tens price control relays 7H] and 722, units price control relays III and 123, and fractions price control relays H2 and I24.

During the selecting operation, as will be explained later, the previously operated control relays are released, pair by pair, in a predetermined sequence, beginning with the single letter odd control relays 23 and 2B, and continuing through the succeeding pairs of relays in consecutive order, reading from left to right on Figs. 2, 3 and 4. The control relays in the upper horizontal row, such as 23, 24, etc., will be termed master control relays and those in the lower horizontal row, as 28, 29, etc., will be termed mate control relays. The master control relays, except the first one in the stock, quantity and price control relay groups, and the shelf master control relay are provided with looking windings controlled by mate control relays of the preceding control relay pair. For example, mate control relay 12! of price group of control relays is adapted, when operated, to energize the holding windings of master control relays H0, 1 and H2. Adapted to be operated by either of the mate control relays 28 or 29, is shelf guard relay "M; adapted to be operated by either shelf guard relay 15 or mate control relay 52 is quantity guard relay 11; adapted to be operated by either quantity guard relay 11 or the mate control relays 54, 56 or 58 is price guard relay 2I3; and adapted to be operated by either price guard relay H3 or the mate control relays 12I-124 is recording guard relay 138. Shelf guard relay 14, when energized, serves to lock shelf master relay 5! and to cause the energization of quantity guard relay 11. Relay 11, when energized, serves to lock the master quantity control relays 53, 55 and 51 and to cause the energization of price guard relay 2l3. Relay 2H3, when energized, serves to lock the master price control relays 1591 I 2 and to cause the energization of recording guard relay 138. The function of relay 138 will be explained later.

Upon the release of the shelf guard relay 14, the shelf control relays 5| and 52 are conditioned for release when conductors 62 and 66 are opened; upon the release of the quantity guard relay 11, the quantity control relays 5358 are conditioned for release, pair by pair, as they are placed under control of conductors B2 and 55 by mate relays 54, 55 and 58. Upon the release of price guard relay 2I3, the price control relays 1ii9-1l2 and 12l124 are conditioned for release, pair by pair, as they are placed under control of conductors 62 and 66 by mate relays 12l-12 i. The release of mate relay 124 deenergizes recording guard relay 158 for a purpose to be explained later.

The guard relays, therefore, condition the groups of control relays, that is, the shelf control relay, the quantity control relay group, and the price control relay group, for release, group by group, in a predetermined order, while the mate relays within a particular group of control relays condition the control relays in that group for release, pair by pair, and the last mate relay within any group releases the guard relay associated with the succeeding control relay group, thus conditioning the control relays in that group for release, pair by pair. It is evident from the arrangement of the guard relays in a chain circuit that, if the shelf control relays and the quantity control relays remain unoperated, the

price guard relay 2l3 will nevertheless be op erated to lock price control relays 109 and 12! during the stock selecting operation. Other advantages and functions of the chain guard relay will be apparent from the subsequent description,

The transfer relay associated with any group of relays, as K, serves, when operated by the release of the associated master control relay, as 23, while the mate relay, as 28, remains operated, to connect the recording relays, as 31, 58, 39 and 5, to segments 4, 5, 6 and 1 of the distributor A. Each of the recording relays, as 5'1, 38, etc., is then adapted to be selectively operated from segments 4, 5, 6 and 1 of the distributor, and when operated, to lock to guard conductor 249A which was grounded by guard relay 138, whose operation was described above. When the mate relay, as 28, associated with a transfer relay, as 59, releases, the transferrelay also releases, grounding circuits controlled by the locked recording relays, as 31, 38, etc. The effect of these circuits will be described later.

In Fig, 5 is disclosed a pair of stock selectors O and OI; in Figs. 6 and 7, a number of multiple bank selector switches P-P5; and in Fig. '1, a system of shafting for positioning the indicators of Fig. 10. A motor SM is adapted to drive shaft 321 continuously through shaft 359, gears M3 and 9I3A, and friction clutch 328, and to drive shaft 348 continuously through shaft 349, gears M3 and 91313, and friction clutch 35. Shaft 321 is arranged to drive, through suitable gearing shaft MS of stock selector 0, shaft 356 of selector switch P and shaft 351 of selector switch Pi. Shaft 368 is arranged to drive, through suitable gearing shaft 323 of stock selector Ol, shaft 953 of selector switch P2, shaft 9i5 of selector switch P3, shaft 916 of selector switch P4, and shaft 9l1 of selector switch P5.

The extent of movement of shafts 3E8, 356 and 351 is determined by stock selector 0, while the extent of movement of shafts 323, SN, 9I5, 915 and 9H is determined by stock selector Ol.

These stock selectors O and OH are ordinary code selectors of a type well known in the printing telegraph art. Only such parts are shown as are necessary to an understanding of the operation of these selectors in the present system. For a complete description of these selectors reference may be made to United States Patent No. 1,639,213 to F. G. Creed.

The parts of the stock selectors are shown in a detached arrangement in order to simplify the description. It is to be understood, however, that the parts shown and the other necessary parts may be assembled to form a unitary structure. The stock selectors are constructed on a four unit basis with four code discs, as 3l3t l, each corresponding to one of the recording relays in the several groups, as 31-45 in group K, and

likewise corresponding to one of the distributor segments 5-1. Referring to stock selector 0, the four code discs Mil- 304 are provided with central bores that permit them to be freely mounted on the shaft M8. The shaft serves as a common bearing for the code discs Silk-304, and the magnets, as 331 and 350, associated with code discs 3M acting through a pivoted armature attached to the code disc 30!, serve to rock that disc in one direction or the other on shaft 3|8, Similar magnets, associated with each of the other code discs, perform the same function. The magnets 331-345 serve to return their associated code discs to normal or zero position, while the remaining magnets 53, S lk-343 serve to rock their associated discs to a predetermined position with reference to shaft SIS.

The peripheries of the code discs 3il3ilfi are predeterminately notched in a manner well known in the printing telegraph art. Arranged transversely with respect to the slots in the code discs are sixteen transverse members 355, 306, etc. By operating the code discs singly or in varying combinations, the peripheral slots can be aligned in sixteen different ways, and whenever the slots are aligned under any one of the sixteen transverse members, that member is moved into the path of an arm 301. Arm 31 is attached to cam 324 which is in turn mounted on shaft 3|8. One of the transverse members 305 is a normal positioning member and is moved into the path of arm 30! when the restoring magnets 331-550 have been operated to restore the code discs 36l364 to their normal or zero position.

. Since the engagement of arm 331 with a transverse member, as 305, 336, etc., frees the friction clutch 323, through which shafts 3217 and 3i8 are driven by motor 9 I4, the shaft 321 can be stopped at any one of fifteen operating positions and a normal position by variably operating the code discs 30l-3ll4 to position predetermined transverse members in the path of arm 33?. It is to be noted that the operation of the code discs to position a predetermined transverse member in the path of arm 30'! causes the transverse members previously in the path of that arm to be withdrawn.

The stock selector 0! is similar in construction to the stock selector 0. It is provided with four code discs 3l43l'l, restoring magnets 34l-349, and operating magnets 36|364, respectively as sociated with these discs. When operated by operating magnets 36l-364 the code discs 3l4 3H are adapted to position any one of sixteen transverse members 36I, 363, etc. in the path of arm 362. This arm is attached to cam 333 which in turn is mounted on shaft 323. In the case of stock selector OI, the engagement of the arm 362 with a transverse member frees the friction clutch 350 through which shafts 348 and 323 are driven by motor 9M, and hence the shaft 348 can be stopped at any one of the fifteen operating positions and a normal position corresponding to the engagement of arm 362 with transverse member 36L It is, therefore, evident that, by variably operating stock selector 0, shaft 321, and hence shaft 346, of selector switch P and shaft 341 of selector switch PI, can be stopped at a normal position and fifteen operating positions, and that by variably operating stock selector OI, shaft 348, and hence shafts 9| I, BIB-9H of selector switches PP5 respectively, can be stopped at a normal position and fifteen operating positions. The stock selectors O and OI thus serve to position the wipers mounted on the shafts of selector switches P-P5 upon predetermined contacts in their associated contact banks,

Associated with the stock selectors O and OI are two relays 3H] and 3l3. Relay 3H1, when operated, serves to connect circuits 334, M2, 413, etc., controlled by the recording relays in groups Kl, M-M2 and N-N3, to the selector switchP. Now the contacts of switch P, as 308Z, 308M, etc., are connected by conductors, as I and 4, to magnets, as l and 4, associated respectively with indicators 900 and 934 (Fig. 10) for displaying quotations relating to the single letter odd stock Q. The function of relay 3H1, therefore, is to extend the circuits from the recording relays in the shelf, quantity and price groups to the single letter odd selector switch P, from which such circuits are extended by conductors, as l--l l, to the magnets associated with the indicators of a single letter odd stock, as Q. Relay 3l3, when operated, serves to connect circuits 334, M2, M3, etc., controlled by the recording relays in groups Kl, M-M2 and N-N3, to the selector switch P2. The contacts of switches P2 are connected by conductors, as l2-22, to the magnets l2-22 associated with the indicators of the single letter even stock A. The function of relay 3I3, therefore, is to extend the circuits controlled by the recording relays in the shelf, quantity and price groups to the magnets associated with the indicators of the single letter odd stock, as Q! When neither relay m nor relay 333 is operated, the circuits, as 334, M2, 4! 3, etc., controlled by the recording relays in groups Kl, M-M2 and N-N3 are connected to the transfer selector switch Pl.

Through transfer switch Pl these circuits can be connected to any of the selector switches, such as P3, P4, P5, etc. If the circuits are connected to selector switch P3, the operation of that switch will connect the circuits controlled by the previously mentioned recording relays through conductors, as 2333, to magnets 23-33 associated with a two letter stock in the first group, as Q. Similarly, if the circuits are connected to selector switches P4, the operation of that switch will connect circuits through conductors, as 3444, to the magnets 34-44 associated with the indicators of a two letter stock of the second group, as Q3. When neither relay 3H1 nor 3|3 is energized, therefore, the circuits controlled by the recording relays of the shelf, quantity and price groups are extended to the operating magnets associated with the indicators of a two letter stock.

Rigidly mounted on shaft M8 is a cam 324 having a reentrant portion, as shown, into which a follower 325A is arranged to move when the shaft 3 l B, and consequently the cam, is in its normal position. When the stock selector 0 is operated, permitting rotation of shaft 3l8, the follower 324A moves out of the reentrant portion of the cam and on to the periphery of the cam, thus closing a circuit for energizing relay 310.

Similarly, a cam 333 rigidly mounted on shaft 323 is provided with a follower 333A which is moved out of a reentrant portion of the cam and on to its periphery, when stock selector of is operated, allowing movement of shaft 323. While the cam follower is on the periphery of the cam, a circuit is closed for operating relay 313. When both shafts 3l8 and 323 are rotated by the operation of stock selectors O and OI, the cam followers 325A and 333A serve to hold both relays 3H] and 3l3 de-energized. It is thus evident that the operation of stock selector 0 causes relay 3H1 to be operated, and the circuits 334, 412, M3, etc. to be connected to selector switch P for a single letter odd stock selection; that the operation of stock selector 0! causes relay 313 to be operated, and the circuits 334, M2, M3, etc. to be connected to selector switch P2 for a single letter even stock selection; and that the operation of stock selectors O and OI causes relays 3| 0 and 3 l3 to be held de-energized and the circuits 334, 412, M3, etc. to be connected to transfer selector switch PI for a two letter stock selection.

Also rigidly mounted on shaft 3l8 is a ratchet wheel 3I9, which serves when shaft M8 is rotated to close an operating circuit for a slowrelease relay 32 l. is rigidly mounted on shaft 323, serves to close an operating circuit for a slow-release 32 EA. Relay 32l, when energized, prevents the movement of code discs 3Ul--304 while shaft 3H8 is being rotated, and relay 32IA, when energized, prevents the movement of code discs 3l4'3ll while shaft 323 is being rotated, thus ensuring the selection of the proper stock upon the operation of the stock selectors O and Oi.

Referring to Fig. 10, there are shown schematically the indicators for displaying quotations and a number of stocks, as Q, Ql, Q2 and Q3. Any suitable construction of the indicator may be used, for example, a structure such as that illustrated in my Patent 1,967,331, issued July 24, 1934. Although the indicators for displaying quotations on four stocks are alone illustrated in the drawings, it is to be understood that in actual practice additional indicators would be supplied to display quotations on a larger number of Similarly, a ratchet 341, which r units, tens and hundreds digits of the price.

stocks. For reasons that will be explained later, stock Q is termed a single letter odd stock; Ql, a single letter even stock; Q2, a two letter stock of the first group; and Q3, a two letter stock of the second group.

Each stock, as Q, is provided with a. group of indicators comprising twenty price indicators and three quantity indicators. The twenty price indicators of each stock, as Q, are divided into five sub-groups or shelves, each containing four indicators, as 99!], 98!, 8G2 and 903, which are adapted to display respectively the fractions, The indicators of the several sub-groups or shelves, as 9E6, 959, 9&8 and 908-43333, serve to display respectively the previous close, open, high, low and current price quotations on the stock Q. The three quantity indicators 954, 985 and 965 serve to indicate, respectively, the hundreds, thousands and ten thousands digits of the last quantity quotation on stock Q.

One set of shafts &8-56815 servesto position the groups of indicators for stocks Q and Q2, and another set of shafts 5G8G-503M srves to position the groups of indicators for stocks Ql and Q3. Corresponding indicators in the indicator groups for stocks Q and Q2, that is, indicators which display the same digit in the price or quantity, are mounted on the same shaft. Similarly, corresponding indicators in the indicator groups for stocks Q! and Q3 are mounted on the same shaft. For example, indicator 996 which serves to display the ten thousands quantity digit of stock Q, and indicator 53! which serves to display the ten thousands quantity digit of stock Q2, are mounted on the ten thousands quantity shaft 508. Similarly, thousands quantity indicators 905 and 53|A of stocks Q and Q2 are mounted on the thousands quantity shaft 508A, hundreds quantity indicators 9% and 546 of stocks Q and Q2 are mounted on hundreds quantity shaft 508B, hundreds price indicators, as 933 and 530, of stocks Q and Q2, respectively, are mounted on hundreds price shaft 568C, tens price indicators, as. 962 and 5393, of stocks Q and Q2, respectively, are mounted on tens price shaft 508D, units price indicators, as 9!!! and 53EC, of stocks Q and Q2, respectively, are mounted on units. price shaft 508E, and fractions price indicators, as 968) and 5391), of stocks Q and Q2, respectively, are mounted on fractions price shaft 508E. In a like manner, the ten thousands, thousands and hundreds quantity indicators of stocks Qi and Q3 are mounted, respectively, on ten thousands quantity shaft 508G, thousands quantity shaft 508H, and hundreds quantity shaft 5981; while the hundreds, ten, units and fractions price indicators of stocks Qi and Q3 are mounted, respectively, on hundreds price shaft 5G8J, tens price shaft 588K, units price shaft 598L, and fractions price shaft 588M.

The ten thousands quantity shafts 598 and 508E are arranged to be driven by the common ten thousands quantity shaft 5M; the thousands quantity shafts 508A and 568E, by the common thousands quantity shaft 552; the hundreds quantity shafts 50813 and 53381, by the common hundreds quantity shaft 583; the hundreds price shafts 503C and 5e35, by the common hundreds price shaft 534; the tens price shafts 588D and 598K, by the common tens price shaft 595; the units price shafts 5%8E and 513811, by the common units price shaft 556; and the fractions: price shafts 508F and SttM, by the common fractions price shaft 501.

The common shafts 5M50'l inclusive are arranged to be driven by motor 9M through shaft 349, suitable gearing 589, and friction clutches,

as 526 and 529, individual to each of the shafts The extent of movement of any of the shafts 5t l-5fil is controlled by means of code selectors similar to the stock selectors O and OH of Fig. 5. On each of the shafts 5iH5fi'l, as on the ten thousands quantity shaft 535, there are mounted four code discs 955, 955A, 955B and 955C, with which are respectively associated magnets 525,.

525A, 5253 and 524A. By energizing the magnets singly or in. various combinations, the associated code discs will be so positioned that any predetermined one of sixteen transverse members (not shown) may be extended into the path of an arm (not shown) of shaft 50!. When the shaft 50! is rotated by motor M4, the predetermined transverse member and the arm come into engagement, with the result that the friction clutch 526 is then freed and the shaft 5i is set to a predetermined position. Hence the ten thousands quantity shafts 568 and 508G, whereon the ten thousands quantity indicators 906 and 33L and 905A and 53lB are mounted and which are driven by shaft 50L are positioned in accordance with the setting of the code discs 955955C. In a similar manner the shafts 5fi25ll'l, and the shafts driven thereby, may be set to predetermined positions in accordance with the setting of the code discs associated with the several shafts. Each code disc, as 955, is provided with a spring, as 955, which serves, when the associated magnet, as 525, is deenergiz ed, to restore the code disc to its normal or zero position. When, all of the code discs, as 955-9550, associated with the same shaft, as 58!, have thus been restored to their normal or Zero positions, a transverse member (not shown) is positioned in the path of the arm (not shown) on the shafts, as 58 I, and the shaft is thus restrained from further movement.

With the indicators 90H, 99!, 982 and 903 on the current shelf of stock Q are associated, respectively, the operating magnets i, 2, 3 and 4. Similarly associated with the indicators in the last quantity shelf are the operating magnets 5, 6 and 1. Operating magnets 8, 9, l0 and ii are common, respectively, to the indicators on the low, high, open and previous close shelves. In a similar manner, the indicators of other stock groups, as Q1, Q2 and Q3, are provided withassociated operating magnets, such magnets being individual to the indicators in the current price shelf and on the last quantity shelf, and common to the indicators on the remaining shelves, as described in connection with stock Q. When the shaft on which a given indicator is mounted has been set to a predetermined position, as explained above, and the operating magnet indi vidual to that indicator is energized, the indicator is set to a position in accordance with the position of the shaft. Likewise, when the magnet common to the indicators on a particular shelf is energized, the indicators are thereupon set to the position of the shafts on which they are severally mounted. For a complete disclosure of the means and method of positioning these indicators in accordance with the position of the shafts on which they are severally mounted, reference may be made to applicants co-pending application for an Automatic stock quotation display board, Serial No. 382,268, filed July 30, 1929 and to the above mentioned patent.

Referring to Figs. 6 and 7, five selector switches PP5 are shown, although it is to be understood that in actual practice twelve additional selector switches would be employed in stock selection.

- It will be remembered that when relay 3E0 (Fig.

5) is operated, circuits, such as 3 M, M2, etc., controlled by the recording relays of groups L-N3, are extended to switch P; when relay 3l3 is operated, these circuits are extended to switch P2; and when neither relay 380 nor Bi is oper- .*9l0-9IU, of a predetermined single letter odd stock, as Q; the function of switch P2 is to extend these circuits to the several operating magnets, as iii-22, associated with the indicators, as 900A-9ISA of a predetermined single letter even stock, as Ql; and the function of switch PI is to transfer these circuits to one of the switches, such as P3, which in turn extends them to the several operating magnets, as 23-33, associated with the indicators, as Will-530E, 53I-53IA, 540, 30A-33A, of a predetermined two letter stock, as Q2.

Each of the switches, as P, is provided with eleven contact banks, as 308A, 308B, etc., and a common bank, as 308P, associated with each of the contact banks. Each of the contact banks contains seventeen contacts, as 308Z, 308R, etc., and corresponding contacts in the several banks, as contacts 3682, 308M, 3081i, etc., in banks 308A, 388D and 308K, respectively, of switch P, are arranged in vertical rows. There are thus seventeen vertical rows of contacts in the contact banks of each switch, but two of these rows are inactive. In switches P, P2P5, the eleven contacts in each of the active vertical rows are connected to the operating magnets associated with the indicators of a particular stock. For example, contacts 3882, 308M, 3081i, etc., in the second vertical row of switch P, are connected by conductors l-H to the operating magnets l-H "associated with the indicators 9009l0 of single letter odd stock Q; the contacts in the second vertical row of switch P2 are connected by conductors l2-22 to the operating magnets l2-22 associated with the indicators 900A-9|0A of a single letter even stock Qi; the contacts in the second vertical row of switch P3 are connected by conductors 23-33 to the operating magnets 23-33 associated with the indicators of the two letter stock Q2; and the contacts in the second vertical row of switch P3 are connected by conductors 3li il to the operating magnets 34-44 associated with the indicators of the two letter stock Q3.

Each one of the eleven contacts in any active vertical row in switch Pi is connected to a closed bank associated with one of the eleven contact banks of switches P3, P4, P5, etc. For example, contact 354 in bank 300A of switch PI is connected by conductor 3i8A to common bank 3l2A of switch P3; contact 3548 is connected by conductor SiSB to common bank 3i2C of switch Pt; and contact 35 50 is connected by conductor 3l8C to common bank iilZD of switch P5.

Associated with each contact bank and common bank, as 388A and 3MP of switch P, is a double-ended wiper, as 305, which serves to connect the common bank and the contacts in the contact bank, and which normally rests on two dead contacts. The wipers of switch P are mounted on a common shaft 346; the wipers of switch Pl are mounted on a common shaft 341;- while the wipers of switches P3-P5 are mounted on common shafts 9H, 955-4187, respectively. Shafts 345 of switch P and shaft 34? of switch Pl are adapted to be driven through suitable gearing by shaft 32?, whose movement, as previously described, is determined by stock selector 0. Shaft 95! of switch P2, shaft 9H5 of switch P3, shaft Slfi of switch P 3, and shaft 9!! of switch P5 are adapted to be driven through suitable gearing by shaft 34'! whose movement is controlled by stock selector It is to be noted that the arm 301 of stock selector 0 may make one revolution while the wipers of switches P and PI are making a half revolution, and that the arm 362 of stock selector OI may move similarly with respect to the wipers of switches PZ-PS. This relation between the movement of arms 30'! and 362 and the Wipers of switches PP may be obtained by providing reduction gearing between shafts 321 and shafts 346 and 347 of switches P and PI, and between shafts 348 and shafts 9| I, 955, 9|! of switches P2P5.

From the foregoing description it is apparent that through switch P fifteen single letter odd stocks can be selected, through switch P2 fifteen single letter even stocks can be selected, and through switch PI and switches P3, P4, P5, etc., two hundred and twenty-five two letter stocks can be selected. The present system, as shown, is therefore capable of selecting any one of two hundred and fifty-five stocks. It is to be understood, however, the applicant is not to be limited to this precise number, for by providing additional segments on the receiving distributor A, additional recording relays, additional code discs, and additional contacts on the selector switches as well as additional switches, the present system can be extended to permit selection of a much larger number of different stocks.

The operation of the above-described system will now be described in some detail. In describing the operation it will be assumed that the indicators on the previous close shelf P0 of all the stocks Q, Q1, Q2 and Q3 have been set to display the last quotation of the previous day and that the indicators on the remaining shelves 0, H, L, etc., of those stocks have been set to blank. It will be assumed further that the quotation to be posted pertains to the stock Q2,

that the quantity of shares sold is 99,000, that first operations include three nominating operations, the first involving the selection of the price group relay the second, the selection of the quantity group relay 41, and the third, the selection of the combined stock and shelf group relay 21. The group relays are nominated or selected in the order named because, in posting some quotations, it is necessary to select only the quantity group relay and the price group relay, or only the price group relay alone, and in such cases, unless the price group relay were normally selected first and the quantity group relay normally selected next, it would be necessary to provide means for making the selections for these relays ineffective on the combined stock and shelf group relay 2?.

It seems desirable to point out here the two cases: where it would be necessary to select only the quantity group relay l"! and the price group relay Jill, and where it would be necessary to select only the price'group relay The present system is designed to maintain a stock selection once set up until a new stock selection is made. Hence, in the case where a succession of quota- 5, tions on the same stock are to be posted, the

posting of the quotations following the first one posted will not require the selection of the stock and shelf group relay 2?. If any of such succeeding quotations requires that the ten thousands 1 quantity indicator be positioned, however, the

quantity group relay 4? and the price group relay will be selected. But if any quotation requires that either or both the thousands and hundreds quantity indicators be positioned, and not the ten thousands quantity indicator, and either or both the units and fractions price indicators be positioned, and not the tens or hundreds price indicators, only the price group relay is! will be selected. These operations will be described in more detail hereinafter, but they are mentioned here in order to explain the reason for selecting the goup relays in the above-mentioned order.

In describing the operations required to post the abovementioned quotation, it will be assumed that at the master station (not shown) suitable means are provided, in a manner well known in the printing telegraph art, to transmit impulses over the line circuit to effect the operation of the apparatus disclosed in Figs. 1-10 inclusive. The

first of every series of impulses transmitted will be a starting impulse which causes relay 806 to energize, thereby grounding segment 804 of the innerring, and through the brush 80E] causing the magnet SE12 to energize over an obvious circuit. Upon energizing, this magnet attracts the latch 8t 6, allowing shaft l I, and consequently brush 899, to be driven by the synchronized motor (not shown). The starting impulse also energizes polar relay 8137, but as the brush 800 does not rest on either segments 2 or 3 of the outer ring of the distributor, the energization of that relay is without eifect at this time. At the end of each revolution of the brush 880, the transmitting means at the master station (not shown) opens the line circuit are, tie-energizing the magnet 892 and causing its latch 895 to stop the brush 800. If another starting impulse is transmitted when the brush reaches segment i of the outer ring, this magnet is re-energized, its latch attracted, and the brush 5o allowed to rotate for another revolution. The operations of the relay 8% in grounding the segment 804 of the inner ring, while the brush is rotating over the segments 4, 5, 6 or 1 of the outer ring, and the operation of the polar relay. 801 in moving its armature 888 to either position in response to received impulses to place positive or negative battery on the segment 805 of the inner ring, while the brush 8GB is rotating over segments 2 and 3, are similar in every case. Consequently,

for the sake of brevity, the description of the operation will make no mention of the starting and stopping of the brush 8G9, and will proceed on the assumption that either positive or negative potential is placed on segments 2 and 3 of the outer distributor ring and that ground is placed on segments :3, 5, $3 or 1 of the same ring, as required. Prior to the reception of impulses from the master station, shaft H on which the distributor A is mounted is in its stop or normal position, and

erated over a circuit extending from battery,

armature 702 of guard relay 138, winding of relay 1M, conductor MA, to ground on contacts H]! at cam 38. When price group relay l'lll pulls up, the price control relays TUB-H2 are associated through contacts lM-l01 with segments 2-1 of the outer distributor ring, and ground is connected through contacts 108 to guard lead 62 for a purpose to be explained later. The grounding of conductor 32 is without effect at this time because the operating circuit M5 of quantity group relay t! is open at contacts it! of guard relay T38 and the operating circuit 144A of stock and shelf group relay 2? is open at contacts 'i s'il of relay I38.

Price group relay ml is held energized while the brush 300 is making of a revolution, that is, until it has passed over segments 2 and 3 of the outer ring, by means of the cam 30, since for that period the follower liliB rests on the reentrant portion of the cam, with the result, as previously explained, that conductor HA is connected to ground during that time.

Negative potential on segment 2 operates nominating polar relay i5 over conductor i513, causing that relay to close its contacts H, and positive potential on segment 3 operates nominating polar relay it over conductor NBC, causing that relay to close its contacts ll. The closure of contacts I! operates subsidiary relay t5 and the closure of contacts 4! operates subsidiary relay 44 over obvious circuits. 45 closes a locking circuit for price group relay ml, which may be traced from ground, contacts 20! of relay 46, contact 20!! of relay d5, conductor 32A, contacts H33 of price group relay ml (which are closed because at this time the brush 858, being on segment 2 of the outer ring, has not made of a revolution), winding of relay 198 to battery. The operation of relay M completes an operating circuit for relay E03 which may be traced from battery, winding of relay E63, contacts we of relay 45, contacts 284 of relay M to ground. Relay m3 thereupon energizes, opening its contacts 55, thereby removing ground from conductor 32 to prevent the energization of the stock and shelf group relay 2'! and the quantity group relay d! over that conductor, when guard relay 738 is subsequently energized.

As the price 123 /2 comprises three integers and a fraction, segments 4, 5, 5 and l of the outer ring are grounded. Master price control relays H39, Nil, HI and H2 are therefore energized and locked. Relay H2 energizes over a circuit from battery, winding of relay H2, contacts 1% of price group relay ml, conductor [9 to ground on segment 5. of the distributor ring; relay HI energizes over a circuit from battery, winding of relay Hi, contacts 705 of price group relay Mi, conductor 20 to ground on segment 5 of the distributor ring; relay 'Hll energizes over a circuit from battery, winding of relay Ht, contacts 706 of price group relay 1M, conductor 2ito ground on. segment 6 of the distributor ring, and relay M9 energizes over a circuit from battery, winding of relay 159, contacts Jill of price group relay lei, conductor 22 to ground on segment 'l of the distributor ring. The relays Wig-H2 look over obvious circuits to ground on guard lead 62 which, as previously mentioned, was grounded by the closure of contacts 708 of price group relay MN.

The operation of master price control relay E09 causes its associated mate relay E2! to energize over a circuit from battery, Winding of relay 12!, to ground on contacts ll! of relay 709. Likewise the operation of the master control The operation of relay 

